What would be the impact on business of a growing backlash against globalisation in the major economies? How should policymakers respond?

GLOBALISATION certainly brings positive benefits in and of itself. However, when domestic policies are not effective and economies remain sluggish for an extended period of time, the local population becomes disgruntled, resulting in the rise of anti-globalisation sentiment. One negative consequence has been the rise of anti-immigration sentiment.

We have seen in our own backyard, for example, how such sentiment has taken root, resulting in our policymakers tightening policies on the hiring of foreigners. As a result of these policy changes, local businesses are now hurting because of the very challenging manpower issues they are grappling with. We have to start by finding effective ways to lift the economy. When the economy is prosperous, people are happy and have less to gripe about.

Once the basics are handled, we can then work on addressing the other social effects of globalisation such as health, security, social cohesion and income inequality.